• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Our Promise to You During COVID-19/Coronavirus
    • Home
    • Our Firm
      • About Our Firm
      • Attorney and Staff Profiles
      • Speaker Connection
    • Services
      • Asset Protection & Business Planning
      • Elder Law & Medicaid Services
      • Estate Planning Services
      • Financial Planning Assistance
      • Incapacity Planning
      • IRA & Retirement Planning
      • Legacy Planning
      • LGBTQ Estate Planning
      • Probate
      • SECURE Act
      • Special Needs Planning
      • Wills & Trusts
    • Elder Law
      • Coping with Alzheimer’s
      • Guardianship and Conservatorship
      • Medicaid Crisis Planning
      • Medicaid Planning
    • Seminars
    • Webinars
    • Resources
      • Elder Law Resources
        • Elder Law & Medicaid Definitions
        • Elder Law Reports
      • Estate Planning Resources
        • Estate and Gift Tax Figures
        • Estate Planning Articles
        • Estate Planning Definitions
        • Estate Planning Reports
          • Advanced Estate Planning
          • Basic Estate Planning
          • Estate Planning for Niches
          • Trust Administration
        • Estate Planning Worksheet
        • Is Your Estate Plan Outdated?
      • Free Consultation
      • Free Estate Planning Seminars
      • Frequently Asked Questions
        • Estate Planning FAQs
        • Trust Administration & Probate FAQs
      • Newsletters
      • Our Client Care Program
      • Pre Consultation Form
      • Professional Resources
        • Educational Alerts
    • Reviews
      • Our Reviews
      • Review Us
    • Contact Us
    • Blog

    McGee Law Firm

    Your Resource for Estate Planning, Elder Law and Medicaid / VA Planning

    Call Us Today 817-899-3286
    • Facebook
    • LinkedIn
    • YouTube
    Attend a Free Seminar
    Attend a Free Webinar
    Estate Planning Webinar
    Nursing Home Webinar
    Home / Estate Planning / Basics of Estate Planning: Advising Clients on Selecting Fiduciaries

    Basics of Estate Planning: Advising Clients on Selecting Fiduciaries

    June 14, 2020 by Brandon McGee

    Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,
    American Academy of Estate Planning Attorneys, Inc.

    This is another in a series of blogs on the basics of estate planning.

    Often, one of the most difficult choices for a client to make is the selection of people to make decisions for them. These fiduciaries may have great control over the client’s affairs, typically at times when the client would be most vulnerable or already gone.

    Let’s take a look at the various fiduciaries a client might name:

      • Successor Trustee. This person manages assets in the trust. The Trustee might manage the assets during the client’s incapacity and after the client has died. A Trustee might also manage assets being left for a child, whether a minor or even an adult child.

     

      • Agent under Financial Power of Attorney. A Financial Power of Attorney allows the Agent to make decisions and actions for the client, who is the Principal. The power may be “immediate,” which would allow the Agent to act for the Principal even when the Principal is well. Conversely, the power may be “springing,” or only effective upon the incapacity of the Principal.

     

      • Successor Owner. A 529 plan might have a Successor Owner in addition to a Beneficiary. The Successor Owner could take the funds and use them however they want and does not have to use them for the benefit of the Beneficiary. A Trust could be the Owner of the 529 plan, in which case the Trustee would have an obligation to use the plan for the Beneficiary.

     

      • Personal Representative. A client may have assets outside of a Trust which may need to be managed after their death. The person who would manage these assets prior to distribution under the Will is the Personal Representative.

     

      • Agent under a Health Care Power of Attorney. A Health Care Power of Attorney allows the Agent to make health decisions for the Principal when the Principal is unable to make them.

     

    • Guardian. If the client has young children or others for whom they have caregiving responsibility, their Will can nominate a person to become the new Guardian.

    Clients should be advised to take care in choosing people for these roles who are appropriate and up to the task. For example, the financial management roles, such as the Trustee, Personal Representative, Agent under the financial power of attorney, etc., ideally should be organized and able to manage complicated tasks. On the other hand, the Agent under the Health Care Power of Attorney and the Guardian have different primary duties. Their personal caretaking ability may be more important than their financial ability.

    There are many instances in which these decision-makers may have to work together. For example, the Guardian of a minor child will have to work with the Trustee of a Trust for the child’s benefit.

    The choice of any fiduciary is of utmost importance and, perhaps most importantly, the client should trust the person and their judgement.

    In upcoming blogs, I’ll discuss more on the basics of estate planning.

    • Author
    • Recent Posts
    Brandon McGee
    Brandon McGee
    Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, VA Aid & Attendance, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
    Brandon McGee
    Latest posts by Brandon McGee (see all)
    • What’s the Best Way to Choose a Nursing Home? - November 7, 2020
    • What’s the Best Way to Pay for Long-Term Care? - November 7, 2020
    • How to Begin the Estate Planning Process - November 7, 2020

    Filed Under: Estate Planning, Legal Education

    About Brandon McGee

    Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, VA Aid & Attendance, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

    Primary Sidebar

    Blog Subscriptions

    • This field is for validation purposes and should be left unchanged.

    Follow us

    • Facebook
    • LinkedIn
    • YouTube

    TESTIMONIALS

    -Rebecca Javins
    Client Review
    September 2, 2020
        

    I am so glad I was fortunate enough to be referred to Brandon McGee. He listened to my needs and developed an estate plan that is comprehensive and addresses all my needs and concerns. I highly recommend him and his firm. I sleep much better now knowing everything is in place.

    default image
    -Rebecca Javins

    Fort Worth Address

    Fort Worth
    810 W. 10th Street
    Fort Worth, TX 76102
    United States (US)
    Phone: (817) 899-3286
    See Larger mapGet Directions

    Fort Worth Map

    map

    Southlake Address

    Southlake
    101 River Oaks Dr., Ste. 110
    Southlake, Texas 76092
    United States (US)
    Phone: (817) 899-3286
    See Larger mapGet Directions

    Footer

    • Advantages of Working With our Firm
    • About the American Academy
    • Disclaimer
    • Sitemap
    • Contact Us

    Connect to Us

    • Facebook
    • LinkedIn
    • YouTube
    footer logo

    © 2021 McGee Law Firm
    All Rights Reserved